The Neo Savings Account is Neo’s high-interest savings account (HISA), an easy option for Canadians looking for an account with generous interest rates on all deposits. Plus, Neo doesn't charge any fees, which makes this account an excellent choice regardless of your savings experience or financial knowledge.
While it has many excellent features, there are a few frustrating details, including the fact that it doesn't include a debit card or even a prepaid credit card (like Neo's other accounts do).
Neo Savings Account features
Here's an overview of the Neo Savings Account's various features:
Why You Want It
Earn 2.25% - 3% interest + No monthly fees.
Special Features
- No monthly fees or minimum deposit required
- Personalized saving goals to keep you organized and on-track
- Track your goals in real-time
Provinces
ALL
Interest Rates
$0 – $4,999.99
2.25%
$5,000 – $19,999.99
2.5%
$20,000+
3%
Features
# Of Free Transactions
N/A
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Neo Savings Account product rating: 3.7 stars
With no fees, no minimum deposit or balance requirements, and a high interest rate, the Neo Savings Account has a lot to offer anyone looking to open a savings account. It has all the standard features of a HISA, plus a handy tool for goal tracking.
It's tough to find things not to like about this account, really – unless you want to get your money out. Since there's no debit card, you'll need to transfer funds to a linked chequing account in order to access your cash.
Rating methodology
To evaluate savings accounts, we analyze over 15 data points to generate our Genius Rating. We consider all aspects of a savings account, including fees, perks, interest rates, customer satisfaction, and promotions, to assess its overall value. Then, the account's features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of the Neo Savings Account
Here are a few of our favourite Neo Savings Account features:
Pros
Impressive 3% interest rate
Neo offers an interest rate of up to 3%, which is higher than what most of the big banks typically offer. It's one of the highest non-promotional rates available in Canada.
No monthly fees or minimum deposit requirements
The best HISAs are those without monthly fees, minimum deposit requirements, or minimum balance rules – and the Neo Savings Account fits the bill. It's an easy-to-start-up and easy-to-maintain type of account, making it an excellent choice for kids as well as adults.
Personalized goal-tracking tool
It's more of a progress bar than a full-on tool, but it still counts. When setting up your Neo Savings Account, you'll be asked what your savings goal is, and then you'll be able to see a progress bar each time you log into your Neo account online. Sometimes a visual reminder like this is all that's needed to provide motivation.
Earn more interest and rewards with a Neo Membership
A Neo Savings Account gives you basic, free Neo membership, but you can pay up to $7.99 per month and receive ATM fee reimbursements, credit monitoring, credit building tools and more. Neo is still adding to these features, too, so there will likely be more value added in the near future.
Customizable account name and icons
As you're setting up the account, you'll be prompted to name it and choose from one of several cute icons to represent it. This isn't exactly the height of technological convenience, but it does add a personal touch to what could otherwise feel like just another savings account.
The cons of the Neo Savings Account
There are a few details about this account that we're disappointed with. Take a look:
Cons
Hard to access your money
The only way to get to your funds is by transferring to and from another linked account. You can transfer to and from a Neo Everyday Account, and as long as you have a Neo Money card associated with that account, you can withdraw cash. It would be nice if this HISA could at least receive Interac e-Transfers.
No welcome bonus offered
Most banks have welcome bonuses for new bank accounts, usually in the form of cash bonuses or boosted interest rates. Though this Neo account doesn't have any, the regular interest rate is quite high and shouldn't stop you from hanging onto it in the long run.
Neo Savings Account alternatives
Curious as to how the Neo Savings Account compares when it's going toe-to-toe with its competition? Here are some other HISAs so you can choose which one works best for you:
 |  |  | |
|---|---|---|---|
| Account | Neo Everyday Account | Simplii High Interest Savings Account | Outlook Financial High Interest Savings Account |
| Genius Rating | |||
| Why You Want It | 0.1% interest on your balance + ~3% cash back on purchases. | Get a 4.5% special interest rate + $125 refer-a-friend bonus. | Earn up to 1.85% interest in the account + Deposits are 100% guaranteed. |
| Interest Rates |
|
|
|
| # Of Free Transactions | Unlimited | 0 | 1 |
| # Of Free Interac E-Transfers | Unlimited | 0 | 0 |
| Max Promotion Rate | N/A | 4.5% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | January 31, 2025 | N/A |
| Open an account See more Neo Financial products Compare | Open an account See more Simplii Financial products Compare | Learn More See more Outlook Financial products Compare |
FAQ
Is a Neo savings account good?
Yes – it’s hard to beat the high savings rate offered by the Neo Savings Account. We also love the fact that you can purchase a monthly membership to get access to credit-building tools and more.
Are there any drawbacks to Neo banking?
The biggest drawback is that it's difficult to access your cash. The only way to deposit or withdraw money is to transfer to or from a linked Neo Everyday Account or other chequing account with a debit card.
Is there a Neo high-interest savings account?
Yes, the Neo Savings Account is Neo's high-interest savings account. With competitive savings rates and optional add-ons, this account has valuable features to offer dedicated Canadian savers of all ages – all for a $0 monthly fee.
What's the Neo Financial Savings Account interest rate?
Deposits up to $4,999 earn 2.25% interest, while further deposits up to $19,999.99 earn 2.5% and deposits over $20,000 earn 3%. In fact, 3% is one of the highest regular rates in Canada.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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